End of recession in Ireland ‘in sight’ as clear picture emerging, says ESRI

An end to the recession is now “in sight”, after the Economic and Social Research Institute (ESRI) said that “a clear picture” was beginning to emerge of the likely extent of the economy’s troubles.

For the first time in more than two years, the institute has not lowered its quarterly forecast for Ireland’s economic prospects for the year ahead.

It now expects the Irish economy to shrink by 8.9 per cent in terms of its gross national product (GNP) this year, which is a slightly more modest contraction than it expected at the time of its previous forecast in April.

ESRI economist Alan Barrett, one of the authors of the report, said the stability of its forecasts, after a succession of regular and often sharp downward revisions, was “in itself a noteworthy factor”.